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New Zealand tackle retailer sees Q2 surge in sales

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Briscoe Group Managing Director Rod Duke: “The impact of COVID-19 caused unprecedented and volatile sales patterns across the first half of this year.”

New Zealand’s top fishing tackle retailer saw its sales surge by more than 33% in the second quarter of its financial year.

Rebel Sport, owned by the Briscoe Group, posted sales growth of 33.19% compared to the same comparable period last year despite its stores being closed for 17 days. Sales for the year to date fell by 3.07% as the COVID-19 pandemic caused a 50-day closure of its outlets.

Total group sales for Q2 were up 28.24% to $195.4m compared to 2019.

Group Managing Director Rod Duke told investors: “The impact of COVID-19 caused unprecedented and volatile sales patterns across the first half of this year. As reported on May 1st, our first quarter sales finished $53.6m behind the same period last year as a result of the lockdown.

“However, like many other retailers, the group has experienced a significant lift in sales since restrictions were relaxed and this gave our second quarter numbers a welcome boost. This extraordinary and concentrated increase in demand resulted in sales growth of 38.1% for the group since lockdown was lifted, with online revenue as a percentage of group sales growing by 16.1% for the same period. 

“Whilst the uplift in sales has been very pleasing, we are extremely conscious of the widely reported need for continuing caution in relation to future negative impacts of COVID-19 on key economic indicators such as consumer spending and unemployment, particularly at the conclusion, in September, of the government’s wage subsidy scheme.”

Filed In: Product News